The New Hampshire Gazette And General Advertiser

Jan. 5. The plan that is given out for providing for the expense of the late armaments, is in reality no other than the American plan of paper money, and it is very probable that the minister has received it from some American refugee. The plan given out is, that the minister is to borrow the money of the bank.--Here is the delusion. The name of money covers the deception. For the case is, that the bank do not lend the real money, but it issues out an emission of bank paper, and the presumption is,...
that there will be no run upon the bank in consequence of such an extraordinary emission, but if there should, no man can be at a loss in foreseeing the issue.

There are those who remember that on a former run, the bank was obliged to prolong the time by paying shillings and six-pences, and it is universally credited that a quantity of silver is now preserved in the bank for the same purpose; but the device, to every person of reflection, shews that the capital is not equal to the demands and that the Chapter of Accidents is part of the Bible of the Bank.

The delusion of paper riches is working as rapidly in England as it did in America. A young and inexperienced Minister, like a young and inexperienced Congress, may suppose that he sees mines of wealth in a printing-press, and that a nation cannot be exhausted where there is paper and ink enough, to print paper money. Every new emission, until the delusion bursts, will appear to the nation an increase of wealth. Every merchant's coffers will appear a treasury, and he will swell with paper riches until he becomes a bankrupt.